US Treasury sanctions nine over Iran weapons procurement networks
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine individuals and entities for supporting weapons procurement on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC) and the Ministry of Defense and Armed Forces Logistics (MODAFL).
The designations, announced under the Treasury’s “Economic Fury” campaign, target individuals and companies based in China and Hong Kong, including a Hong Kong-based firm operating inside Iran’s “clandestine banking network” and involved in attempted weapons procurement transactions.
Treasury Secretary Scott Bessent said, “Treasury has frozen the Iranian regime’s assets, severely disrupted its economy, and dismantled the Iranian war machine. Treasury will not tolerate any support of the Iranian military.”
Among those designated is Chinese national Liu Boyu, the sole director and president of Hong Kong-registered Mustad Limited. OFAC previously designated the company on May 8, 2026, for facilitating millions of dollars in IRGC weapons procurement. Also designated were Mustad employees Wang Hongyi and Xu Lichun, along with Shanghai-based Mustad Shanghai International Trade Co. Ltd., which is wholly owned by Mustad.
Hong Kong-based Domus Trading HK Limited was also sanctioned for operating within Iran’s clandestine banking network and attempting to facilitate payments tied to weapons procurement.
For MODAFL, China-based Iranian national Manuchehr Golchin was designated for facilitating defense acquisitions from China. Chinese national Meng Shaopei, managing director and sole owner of Hong Kong-based Solos International Limited, was also designated alongside Golchin. Hong Kong-based Shangshun Hong Kong Ltd, chaired by Golchin, was sanctioned as well.
The action builds on May 8 designations targeting procurement networks supplying weapons to the IRGC and Iran’s Center for Innovation and Technology Cooperation, including attempts to purchase systems such as man-portable air-defense systems from China.
All property and interests in property of the designated individuals and entities within US jurisdiction are now blocked and must be reported to OFAC.
